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Question
Rankin Food Products produces cane sugar syrup in bulk quantities and uses process costing. There are three processing departments-Mixing, Refining, and Packaging. Using process costing analysis, Rankin determined that the cost of the units completed and transferred out of the Refining Department during the month was $20,000. Which of the following is the correct journal entry to record the cost of the units completed and transferred out to the next department?
A) Debit $20,000 to Work in process Refining, credit $20,000 to Work in process - Packaging
B) Debit $20,000 to Work in process Refining, credit $20,000 to Work in process - Mixing
C) Debit $20,000 to Work in process Packaging, credit $20,000 to Work in process - Refining
D) Debit $20,000 to Work in process Packaging, credit $20,000 to Finished goods
Answer
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